By accessing, viewing and/or using (for yourself or any third party) information and/or computer software ("S&P Content") provided or made (directly or indirectly) accessible by or for Micropal Ltd. (English Co. No. 1916359 of 2 Chalkhill Road, London W6 8DW, trading as Standard & Poor's, "S&P") You accept these terms and conditions of licence as binding upon you ("You").
S&P hereby grants to You a personal, non-exclusive, non transferable limited license to access, view, download and use S&P Content made accessible under the internet top level domain through which this notice has been accessed ("Site") subject to all the terms and conditions set out below

A - Investment Warnings

You acknowledge that:

1. the S&P Content:

• 1.1. is only approximate and is supplied for information & research purposes only;
• 1.2. does not constitute a prospectus or offer to sell or solicitation to buy any of the securities featured herein by S&P.
• 1.3. is not the financial advice or opinion of S&P. The featuring of information about a security, investment vehicle, investment manager or contact in the S&P Content does not imply that S&P endorses it or makes any buy, sell or hold recommendation about it;
• 1.4. cannot and does not take into account the circumstances or place or residence of any particular investor or the suitability or legality of an investor buying, selling or holding a particular security. Consequently, S&P recommends that investors seek independent expert financial advice from persons qualified to provide expert investment advice in the relevant territory before making any investment decision.

1. the value of investments and the income from them may fall as well as rise and You may not recover all of your initial investment.
2. past performance is not necessarily a good guide to the future performance of a security or investment.
3. The S&P Star Ranking^? is a complex analytical tool devised to compare risk in relation certain benchmarks as against the reward demonstrated by funds within the same investment sector. It is not an absolute measure of risk against reward, nor does it show the comparative performance between investment sectors in any event. S&P Star Ranking^? are not a guide to the best fund for a given investor looking at a given sector. Detailed explanation is available from S&P.
4. You should always satisfy yourself that any security in which you are interested is legally authorised for sale in the territory in which you are "resident" and that you are lawfully entitled to access the Site or the relevant part of it or to act upon or use S&P Content.

B - Liability

• 1.1. THE S&P CONTENT IS DERIVED FROM INFORMATION COLLECTED FROM THIRD PARTIES BY SOURCES AND BY S&P. NO WARRANTIES HAVE BEEN OR ARE GIVEN IN RELATION TO SUCH DATA AND INFORMATION BY SUCH THIRD PARTIES ("SOURCE[S]"). THE INTERNET IS AN INHERENTLY UNRELIABLE COMMUNICATIONS MEDIUM. CONSEQUENTLY YOU ACKNOWLEDGE AND AGREE THAT NEITHER ANY SOURCE NOR (PROVIDED IT HAS USED REASONABLE EFFORTS TO VALIDATE THE DATA SUPPLIED TO IT) S&P SHALL BE LIABLE FOR ANY LOSS OR DAMAGE WHATSOEVER (INCLUDING WITHOUT LIMITATION INVESTMENT LOSSES) RESULTING WHOLLY OR PARTLY FROM ANY INACCURACY IN, OR LACK OF COMPLETENESS OF ANY OF THE S&P CONTENT OR THE WAY IN WHICH IT IS PRESENTED OR COMMUNICATED BY OR THROUGH THE SITE.
• 1.2. INSOFAR AS PERMITTED BY APPLICABLE LAW AND SAVE TO THE EXTENT INCONSISTENT WITH ANY EXPRESS WARRANTY GIVEN BY S&P IN THESE TERMS:
  • 1.2.1. NO WARRANTY, CONDITION, UNDERTAKING OR TERM, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE HAS BEEN OR IS GIVEN BY S&P OR BY ANY SOURCE IN RELATION TO THE SITE OR S&P CONTENT OR ANY INFORMATION OBTAINED FROM THEM;
  • 1.2.2. S&P AND THE SOURCES DISCLAIM ANY IMPLIED WARRANTY OF SATISFACTORY QUALITY, MERCHANTABILITY OR FITNESS OF THE SITE OR S&P CONTENT FOR A PARTICULAR PURPOSE;
  • 1.2.3. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING NEITHER S&P NOR ANY SOURCE WARRANTS THE TRUTH, ACCURACY, TIMELINESS OR COMPLETENESS OF ANY INFORMATION OR DATA IN OR DERIVED FROM THE S&P CONTENT OR SITE.
• 1.3. RESULTS OR OUTPUT FROM COMPUTATIONS AND OPERATIONS USING THE S&P CONTENT OR THE SITE MAY BE AFFECTED BY ASSUMPTIONS APPLIED BY YOU. CONSEQUENTLY, S&P GIVES NO GUARANTEE OR WARRANTY OF THE ACCURACY OR COMPLETENESS OR COMPLIANCE WITH RELEVANT LEGISLATION OR REGULATIONS OF ANY PARTICULAR COMPUTATION OR OTHER OUTPUT OR RESULT GENERATED THROUGH THE USE OF THE S&P CONTENT &/OR SITE.
• 1.4. SAVE INSOFAR AS S&P (AND EACH SOURCE) IS PRECLUDED BY LAW FROM EXCLUDING OR RESTRICTING LIABILITY:
  • 1.4.1. EXCEPT WHERE SUCH LOSS OR DAMAGE ARISES SOLELY AND DIRECTLY BY REASON OF THE WILLFUL DEFAULT OR NEGLIGENCE OF S&P, S&P (AND EACH SOURCE) SHALL NOT BE LIABLE FOR ANY LOSS OR DAMAGE WHATSOEVER (INCLUDING WITHOUT LIMITATION, INVESTMENT LOSSES) ARISING WHOLLY OR PARTLY IN CONNECTION WITH THE PROVISION OF THE S&P CONTENT OR ANY OTHER SERVICE RENDERED OR GOODS SUPPLIED IN CONNECTION THEREWITH OR ANY FAILURE TO PERFORM ANY SERVICES ADEQUATELY OR AT ALL EVEN IF S&P AND/OR ANY DATA SOURCE IS ADVISED OF OR COULD ANTICIPATE SUCH LOSS OR DAMAGE.
  • 1.4.2. S&P (AND EACH SOURCE) SHALL IN NO CIRCUMSTANCES BE LIABLE FOR ANY CONSEQUENTIAL LOSS OR DAMAGE (INCLUDING WITHOUT LIMITATION INVESTMENT LOSSES) HOWSOEVER ARISING SUFFERED BY YOU OR ANY THIRD PARTY ARISING WHOLLY OR PARTLY IN CONNECTION WITH THE PROVISION OR USE OF THE S&P CONTENT OR ANY OTHER SERVICE RENDERED OR GOODS SUPPLIED IN CONNECTION THEREWITH OR FROM ANY FAILURE TO PERFORM ANY SERVICES ADEQUATELY OR AT ALL EVEN IF S&P (AND/OR ANY DATA SOURCE) IS ADVISED OF OR COULD ANTICIPATE SUCH LOSS OR DAMAGE; AND
  • 1.4.3. THE AMOUNT OF ANY LIABILITY IN RESPECT OF ANY CLAIM BY YOU, WHEN AGGREGATED WITH THE AMOUNT OF ANY LIABILITY IN RESPECT OF ALL CLAIMS BY YOU, IN EACH CASE ARISING WHOLLY OR PARTLY IN CONNECTION WITH THE PROVISION OF THE S&P CONTENT OR ANY OTHER SERVICE RENDERED OR GOODS SUPPLIED IN CONNECTION THEREWITH OR FROM ANY FAILURE TO PERFORM ANY SERVICES ADEQUATELY OR AT ALL, AND HOWSOEVER ARISING SHALL NOT EXCEED A SUM IN AGGREGATE EQUAL TO THE CHARGES (IF ANY) PAYABLE BY YOU TO S&P IN RESPECT OF S&P CONTENT PROVIDED BY S&P TO YOU IN THE 12 MONTH PERIOD IMMEDIATELY PRECEDING SUCH CLAIM OR, IF GREATER, US.
• 1.5. YOU SHALL INDEMNIFY AND HOLD HARMLESS S&P AND EACH SOURCE AND THEIR AFFILIATES, EMPLOYEES, DIRECTORS, OFFICERS AND AGENTS FROM AND AGAINST ANY CLAIM ARISING IN ANY WAY OUT OF YOUR USE OF THE S&P CONTENT OR SITE OR ANY BREACH OF YOUR OBLIGATIONS UNDER THESE TERMS, AND YOU WILL PAY ALL COSTS DAMAGES AND LEGAL FEES INCURRED IN CONNECTION WITH SUCH CLAIM OTHER THAN;
  • 1.5.1. A CLAIM BASED UPON AN ALLEGED INFRINGEMENT BY S&P OR A SOURCE OF ANY THIRD PARTY INTELLECTUAL PROPERTY RIGHT; OR
  • 1.5.2. INSOFAR AS S&P ACCEPTS LIABILITY UNDER THE OTHER PROVISIONS OF THIS LIMITATION OF LIABILITY CLAUSE.
  • 1.5.3. NOTHING IN THIS AGREEMENT SHALL LIMIT OR EXCLUDE THE LIABILITY OF S&P FOR DEATH OR PERSONAL INJURY IN ANY EVENT

1. Any ideas, suggestions or conclusions in the S&P Content are subject in each case to all applicable local, state, federal and national statutes, regulations and case law at the date hereof and as amended from time to time.
2. Any slights of people or organisations which might be contained in the S&P Content are unintentional.
3. S&P is not liable for any internet domain or site to which You transfer or connect through a hyper text or other link from the S&P Content or for Your reliance on or use of information made accessible at or by such third party site or domain.
4. S&P may change, withdraw or suspend any part of the S&P Content at any time without prior notice or liability to You.

C - Intellectual Property Licence & Notice

You acknowledge that:-

1. Standard & Poor's^®, S&P^® & the S&P Star Ranking ^? are the respective proprietary trademarks of The McGraw-Hill Companies, Inc. and Micropal Ltd in which all rights are reserved. Those marks are protected by registration in a number of countries.
2. The S&P Content accessible at the Site are (and remain) the valuable copyright property of Micropal Ltd [2000] (and its subsidiaries and/or suppliers) which they have arranged and created by the application of material skill, judgement, time, effort and money. Micropal Ltd reserves all world-wide rights (including copyright and database rights) in the S&P Content for the full term thereof, save as expressly licensed hereby.
3. The S&P Content is made accessible solely for Your personal non professional (i.e. not for the provision of professional investment advice in any capacity at all) use by You. You shall not copy (by any means), resell, distribute, publish or engage in any dealing in any part of the S&P Content (whether for consideration in money or money's worth, or not).

D - Miscellaneous

1. These terms and conditions and all activities contemplated by these terms and conditions are subject to the Laws of England & Wales. You agree to submit to the exclusive jurisdiction of the English Courts any matter or issue arising from these terms or your use of the S&P Content.
2. Headings used herein are for convenience only and do not form part of affect the meaning of any term or provision above.